State Bank of Travancore, Kerala based bank recorded a boost in its net profit by 16 per cent in the second quarter of the current fiscal at Rs 135.63 crore against Rs 116.95 crore for the corresponding quarter of the last year.
The Net Interest Income rose 20 per cent to Rs 503 crore as compared to Rs 413 crore a year ago. Net Interest Income is the difference between the interest earned and interest expended.
The Net Interest Margin also stood at 2.50 per cent in Q2 of this fiscal against 2.48 per cent for the previous quarter and 2.63 for a year ago.
The Banks total income grew about 24 per cent to Rs 2204 crore.
And SBT made a provision of Rs 138.60 crore to cover bad loans in the second quarter as against Rs 124.08 crore. The bank earned Rs 21 crore from treasury income which enabled it to reduce its provision on the book to Rs 117.60 crore.
NRI deposits improved by 40 per cent to Rs 17, 796 crore against Rs 12, 604 crore a year ago. Total deposits grew 21 per cent to Rs 75, 352 crore against Rs 62, 372 crore.